For Traders

Analytical Reviews

Technical analysis

24.05.201608:20 Forex Analysis & Reviews: Technical analysis of EUR/JPY for May 24, 2016

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical outlook and chart setups:

The EUR/JPY pair is trading at intraday lows at 122.50 level at this moment, and should be setting up for a continued drop lower below 121.40 level going forward. The pair had reversed from fibonacci 0.618 levels earlier at 124.50/60 levels as depicted here, and is expected to remain in control of bears till prices stay below the same. It is hence recommended to remain short and also look to add further during intraday rallies ahead of 124.00 level, with risk at 124.75 for now. Immediate support is now seen at 121.40 level, while resistance is at 124.00 level respectively. Only a break above 124.60 levels and subsequently above the trend line would change the structure.

Trade recommendations:

Remain short for now, stop at 124.75, a target is below 121.40 levels at least.

Good luck!

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.